Daily Archives: July 17, 2018

Notification No 31/2018 Summary of Notification No 31/2018 The Central Board of Direct Taxes (CBDT) has released final notification amending Rule 44E of the Income-tax Rules, 1962 and Form 34C, 34D, 34DA as per Base Erosion and Profit Shifting (BEPS) Action 5. The new Forms 34C & 34D seek unique number used for identification of non-resident.… Read More »

The Assessing Officer formed a belief that income chargeable to tax has escaped assessment, on the ground that noticing a big mismatch between the returned income and cash transactions in the assessee’s bank accounts, queries were raised, which remained un-replied. This is contrary to the facts on record. The assessee had also furnished a copy… Read More »

Ministry of Parliamentary Affairs Government holds All Party Leaders Meeting ahead of Monsoon Session 2018 of Parliament, beginning tomorrow Shri Narendra Modi expressed confidence that all political parties will cooperate on smooth running of the Parliament during Monsoon Session 2018 People of India want the Parliament to function; Government calls for cooperation from all parties… Read More »

Undisputedly, the trust was created on 01-04-1998 and application was moved on 25-05-1999. There was delay of 1 month 25 days for which assessee has moved an application requesting therein that the delay may be condoned and registration may be granted from the date of its inception. Though the Revenue was required to dispose off… Read More »

MGT-7 Form version Changed Please be noted that MGT-7 Form version is being changed MGT-7 is available on MCA21 Company Forms Download page for filing purposes. Click here to download Form for filing annual return by a company. Form MGT-7 [zip] (982 KB) (e-Form with Instruction kit) Form MGT-7 [zip] (531 KB) e-Form 20-July-2018 (Form Version… Read More »

Evidence under Income Tax Free Study material on Evidence under Income Tax Act Not necessary to submit Evidence at the time of seizure , can be submitted in Assessment : Bomaby HC Proof to be given to employer for adjustment of House Property Loss from Salary Income

Avoid these Common Mistakes on e-way bill portal On 1 April 2018, the Government of India successfully rolled out an e-way bill portal for tracking the movement of goods under the Goods and Services Tax (GST). Since its implementation, the e-way bill portal has been working well and no technical glitches have been reported. However,… Read More »

Taxability of Interest on Income Tax Refund Question:Whether the Interest on Income Tax Refund is chargeable to tax? if yes under which head ? The amount received towards statutory interest i.e Interest on Income tax refund has to be subject to tax under the head ‘Income from Other Sources’. Question :Whether interest on Income tax… Read More »

Ministry of Finance CBIC to observe Third Refund Fortnight to clear pending refunds Posted On: 16 JUL 2018 8:53PM by PIB Delhi Video Explanation by CA Satbir Singh Refunds of GST have been a concern for the Government and Trade for the past several months. In this regard, the CBIC has observed two special drives… Read More »

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